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Shares of Endo International surged nearly 22 percent Tuesday after the company posted second-quarter earnings that exceeded analysts' expectations and appointed a new manager.
The global specialty health-care company reported Monday adjusted earnings of 86 cents a share, beating analysts estimates by 12 cents a share. The company posted $921 million in revenue, topping analysts estimates of $863.9 million, according to Thomson Reuters.
Sales in the latest period were boosted by the acquisition of Par Pharmaceutical.
The company also appointed Joseph Ciaffoni as president of its U.S. Branded Pharmaceuticals business unit. Before joining Endo, Ciaffoni was senior vice president of Global Specialty Medicines Group for Biogen, where he led development and execution of global strategy for its products.
Rajiv De Silva, President and CEO of Endo, said in a press release during the quarter the company remained focused on its "operational execution."
"We have delivered results across all of our businesses that are on-track or ahead of company expectations for the quarter," he said, "and today we are affirming our full year 2016 revenue and adjusted diluted EPS financial guidance while increasing investment in Branded and Generics [research and development] as well as Belbuca and Xiaflex promotion."
Belbuca, the company's opioid drug for management of chronic pain, launched during the quarter. It is the first drug approved by the U.S. Food and Drug Administration that uses a dissolving film to dispense the drug, Endo said. Patients in the company's trials appeared to have fewer side effects than other pain management regimes.
The company said it also saw sales growth for its drug Xiaflex, a drug used to treat adults with Dupuytren's contracture, which causes a thickening and tightening of tissue under the skin in the hand.
The company expects full-year earnings between $4.50 and $4.80 per share, and revenue between $3.87 billion to $4.03 billion. Analysts expect full-year earnings of $4.55 per share and revenue of $3.93 billion, according to Thomson Reuters.
Endo's stock has plummeted this year, falling nearly 64 percent.
ENDP 2016 Stock